Getting into business is no easy feat. There are numerous challenges and risks involved. It’s something that the youth have to get involved in however, as a way to drive economic growth and create jobs.
The South African government strives to create various opportunities as a way of encouraging youth to get into business.
In a Youth Day address in 2015, President Zuma encouraged young people to become entrepreneurs. He said the Industrial Development Corporation in partnership with the NYDA and the Small Enterprise Finance Agency (SEFA) have put aside R2.7 billion over the next five years for young people to take up their opportunities in business.
Organisations such as the National Youth Development Agency (NYDA), which was established in 2009, are providing support through programmes and grants for encouraging youth to get into business.
Progressive Youth in Business (PYB) is a forum geared towards championing youth entrepreneurship through targeted programmes that would collectively address the unemployment challenges among the youth by providing them with opportunities to develop their leadership skills.
Such organisations are vital in the efforts made by ordinary citizens, communities and government to encouraging young people to get into business. The high unemployment rate in the country is a catalyst for the numerous programmes and initiatives available.
Thousands of young people face the challenge of unemployment and entrepreneurship is one of the ways in which this problem can be solved.
Further challenges hindering youth entrepreneurship:
While youth entrepreneurship is the ultimate goal, it can’t be denied that there are a range of challenges affecting this initiative.
Lack of a culture promoting entrepreneurship
South African families are still very much entrenched in the idea of getting a tertiary education after finishing high school. It would serve young people much better if families encouraged entrepreneurship from a young age.
Pattern of excuses
So often young people may have numerous excuses for why they can’t do something. A lot still needs to be done to encourage the youth to take available opportunities.